( 1 ) ORDER :the petitioner M/s. Andhra bank Housing Finance Limited files this application under Sections 391 and 394 of the Companies Act, 1956 ( the Act for brevity) seeking sanction of the scheme of arrangement for its amalgamation with another.

( 2 ) THE facts lie in a narrow compass. The petitioner-company was incorporated on 29-4-1991 and its registered office is situate at Basheerbagh, Hyderabad. The authorized Share Capital of the petitioner- company is Rs. 50 crores divided into Rs. 5 crores equity shares of Rs. 10/- each. Its issued, subscribed and paid up capital is rs. 20 crores divided into Rs. 2 crores equity shares of Rs. 10/- each. The petitioner- company which is the transferor company was incorporated with an object of engaging itself in the business of Housing Finance. As can be seen from the Memorandum and articles of Association of the Company annexed to the petition, the meeting of the board of Directors of the Company was convened on 23-12-2002 which passed an unanimous resolution in favour of the proposed amalgamation. The Annual Report of the Company for the year 2001-2002 has been annexed to the petition showing the financial status of th